BusinessBusiness RecoveryKeydata creditors committee unveiled

Keydata creditors committee unveiled

Taxman heads up the creditors panel for collapsed financial services firm

The creditors committee for Keydata Investment Services, the collapsed
financial services company has been announced.

Dan Schwarzmann and Mark Batten, the joint administrators from
PricewaterhouseCoopers said thecreditors committee consists of:

HM Revenue and Customs, Credit Suisse, and Peter Magowan, founder of the
Keydata Victims Support Group. The other two committee members are Geoff
Hartnell and John Joseph two independent financial advisers.

The news comes after the taxman vetoed a PwC proposal to withold tax on
repayments to people holding stocks and shares ISAs. The plan would have seen
money returned quicker, but the creditors would be required to get in touch with
the taxman about any tax payments or repayments.

HMRC warned any such move could see the administrators held personally
liable.

Schwarzmann said: ‘I am grateful to the members of the creditors committee
for putting themselves forward and I look forward to discussing some complex
strategic issues with them.

‘Furthermore, I will invite further parties to attend the meetings if I
believe this would be beneficial to investors.’

Further reading:

PwC’s
agreement with HMRC on repayments

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